Subtext

PepsiCo, Inc. PEP

SectorConsumer Staples
Transcripts74
Date range2007-02-08 – 2025-04-24
Calls charted73

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-30-15+0+15+302006 Q42009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32006 Q4 · Overall: +12.02007 Q2 · Overall: +16.82007 Q3 · Overall: +11.82007 Q4 · Overall: +18.32008 Q1 · Overall: +15.82008 Q2 · Overall: +13.12008 Q3 · Overall: +4.72008 Q4 · Overall: +11.92009 Q1 · Overall: +12.82009 Q2 · Overall: +11.42009 Q3 · Overall: +15.32009 Q4 · Overall: +18.02010 Q1 · Overall: +13.12010 Q2 · Overall: +25.82010 Q3 · Overall: +21.22010 Q4 · Overall: +17.72011 Q1 · Overall: +5.02011 Q2 · Overall: +8.52011 Q3 · Overall: +13.02011 Q4 · Overall: +11.22012 Q1 · Overall: +17.82012 Q2 · Overall: +18.92012 Q3 · Overall: +12.42013 Q1 · Overall: +13.72013 Q2 · Overall: +18.12013 Q3 · Overall: +9.72013 Q4 · Overall: +10.22014 Q1 · Overall: +11.22014 Q2 · Overall: +15.22014 Q3 · Overall: +13.02014 Q4 · Overall: +6.42015 Q1 · Overall: +4.12015 Q2 · Overall: +15.72015 Q3 · Overall: +8.02015 Q4 · Overall: +12.42016 Q1 · Overall: +12.52016 Q2 · Overall: +12.22016 Q3 · Overall: +15.12016 Q4 · Overall: +11.02017 Q1 · Overall: +8.72017 Q2 · Overall: +9.32017 Q3 · Overall: +11.42017 Q4 · Overall: +14.32018 Q1 · Overall: +10.32018 Q2 · Overall: +16.92018 Q3 · Overall: +14.72018 Q4 · Overall: +23.02019 Q1 · Overall: +26.02019 Q2 · Overall: +15.82019 Q3 · Overall: +21.72019 Q4 · Overall: +23.72020 Q1 · Overall: +10.02020 Q2 · Overall: +8.82020 Q3 · Overall: +12.52020 Q4 · Overall: +10.52021 Q1 · Overall: +13.82021 Q2 · Overall: +16.72021 Q3 · Overall: +15.82021 Q4 · Overall: +12.42022 Q1 · Overall: +8.22022 Q2 · Overall: +6.52022 Q3 · Overall: +8.82022 Q4 · Overall: +14.42023 Q1 · Overall: +10.52023 Q2 · Overall: +14.42023 Q3 · Overall: +2.02023 Q4 · Overall: +15.62024 Q1 · Overall: +15.92024 Q2 · Overall: +9.42024 Q3 · Overall: +6.82024 Q4 · Overall: +14.22025 Q1 · Overall: +8.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-42-21+0+21+422006 Q42009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32006 Q4 · CEO: +19.62007 Q2 · CEO: +21.92007 Q3 · CEO: +16.42007 Q4 · CEO: +20.62008 Q1 · CEO: +14.72008 Q2 · CEO: +16.22008 Q3 · CEO: +6.32009 Q1 · CEO: +12.52009 Q2 · CEO: +13.42009 Q3 · CEO: +10.72009 Q4 · CEO: +17.62010 Q1 · CEO: +15.92010 Q2 · CEO: +28.22010 Q3 · CEO: +24.42010 Q4 · CEO: +21.52011 Q1 · CEO: +14.32011 Q2 · CEO: +15.02011 Q3 · CEO: +19.82011 Q4 · CEO: +13.72012 Q1 · CEO: +29.82012 Q2 · CEO: +34.62012 Q3 · CEO: +23.52013 Q1 · CEO: +26.22013 Q2 · CEO: +30.72013 Q3 · CEO: +13.92013 Q4 · CEO: +14.02014 Q1 · CEO: +19.52014 Q2 · CEO: +19.82014 Q3 · CEO: +22.92014 Q4 · CEO: +12.32015 Q1 · CEO: +11.42015 Q2 · CEO: +24.22015 Q3 · CEO: +15.12015 Q4 · CEO: +16.52016 Q1 · CEO: +20.02016 Q2 · CEO: +17.32016 Q3 · CEO: +17.62016 Q4 · CEO: +23.02017 Q1 · CEO: +12.42017 Q2 · CEO: +14.92017 Q3 · CEO: +16.42017 Q4 · CEO: +22.92018 Q1 · CEO: +13.52018 Q2 · CEO: +24.12018 Q3 · CEO: +27.42018 Q4 · CEO: +32.92019 Q2 · CEO: +20.22019 Q3 · CEO: +28.42019 Q4 · CEO: +31.42020 Q1 · CEO: +17.62020 Q2 · CEO: +14.82020 Q3 · CEO: +21.52020 Q4 · CEO: +18.22021 Q2 · CEO: +26.02021 Q4 · CEO: +28.32022 Q1 · CEO: +31.22022 Q2 · CEO: +14.62022 Q3 · CEO: +20.02022 Q4 · CEO: +31.82023 Q1 · CEO: +21.82023 Q2 · CEO: +29.82023 Q3 · CEO: +14.42023 Q4 · CEO: +24.82024 Q1 · CEO: +33.92024 Q2 · CEO: +16.72025 Q1 · CEO: +21.52006 Q4 · CFO: +5.72007 Q2 · CFO: +15.82007 Q3 · CFO: +6.12007 Q4 · CFO: +8.62008 Q1 · CFO: +7.52008 Q2 · CFO: +7.72008 Q3 · CFO: +10.22009 Q1 · CFO: +21.72009 Q2 · CFO: +19.62009 Q3 · CFO: +25.12009 Q4 · CFO: +26.42010 Q1 · CFO: +14.02010 Q2 · CFO: +32.42010 Q3 · CFO: +25.32010 Q4 · CFO: +23.12011 Q1 · CFO: -4.32011 Q2 · CFO: +2.52011 Q3 · CFO: +10.92011 Q4 · CFO: +6.22012 Q1 · CFO: +2.12012 Q2 · CFO: +9.42012 Q3 · CFO: -1.12013 Q1 · CFO: +1.92013 Q2 · CFO: +11.62013 Q3 · CFO: +10.72013 Q4 · CFO: +10.42014 Q1 · CFO: +4.92014 Q2 · CFO: +13.82014 Q3 · CFO: +7.32014 Q4 · CFO: +4.82015 Q1 · CFO: -0.72015 Q2 · CFO: +2.32015 Q3 · CFO: +1.72015 Q4 · CFO: +12.62016 Q2 · CFO: +15.12016 Q3 · CFO: +18.72016 Q4 · CFO: +5.22017 Q1 · CFO: +11.12017 Q2 · CFO: +18.02017 Q3 · CFO: +9.02017 Q4 · CFO: +11.22018 Q1 · CFO: +17.62018 Q2 · CFO: +8.72018 Q3 · CFO: +8.72018 Q4 · CFO: +16.52019 Q1 · CFO: +36.72019 Q2 · CFO: +8.52019 Q3 · CFO: +15.12019 Q4 · CFO: +20.92020 Q1 · CFO: +18.72020 Q2 · CFO: +5.82020 Q3 · CFO: +0.02020 Q4 · CFO: +6.12021 Q1 · CFO: +20.42021 Q2 · CFO: +14.92021 Q3 · CFO: +23.12021 Q4 · CFO: +4.62022 Q1 · CFO: -0.82022 Q2 · CFO: -0.92022 Q3 · CFO: +13.52022 Q4 · CFO: +12.02023 Q1 · CFO: -4.62023 Q2 · CFO: +20.32023 Q3 · CFO: -2.82023 Q4 · CFO: +11.72024 Q1 · CFO: +5.62024 Q2 · CFO: +0.02024 Q3 · CFO: +17.12024 Q4 · CFO: +22.82025 Q1 · CFO: +7.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-43-22+0+22+432006 Q42009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32006 Q4 · Prepared remarks: +19.52007 Q2 · Prepared remarks: +27.12007 Q3 · Prepared remarks: +20.42007 Q4 · Prepared remarks: +28.92008 Q1 · Prepared remarks: +21.32008 Q2 · Prepared remarks: +19.22008 Q3 · Prepared remarks: +6.92009 Q1 · Prepared remarks: +18.12009 Q2 · Prepared remarks: +19.12009 Q3 · Prepared remarks: +18.72009 Q4 · Prepared remarks: +24.22010 Q1 · Prepared remarks: +13.92010 Q2 · Prepared remarks: +34.02010 Q3 · Prepared remarks: +27.42010 Q4 · Prepared remarks: +27.92011 Q1 · Prepared remarks: +9.72011 Q2 · Prepared remarks: +12.52011 Q3 · Prepared remarks: +21.32011 Q4 · Prepared remarks: +11.82012 Q1 · Prepared remarks: +23.32012 Q2 · Prepared remarks: +29.52012 Q3 · Prepared remarks: +21.02013 Q1 · Prepared remarks: +19.12013 Q2 · Prepared remarks: +20.52013 Q3 · Prepared remarks: +16.52013 Q4 · Prepared remarks: +19.12014 Q1 · Prepared remarks: +17.22014 Q2 · Prepared remarks: +19.52014 Q3 · Prepared remarks: +21.02014 Q4 · Prepared remarks: +16.92015 Q1 · Prepared remarks: +12.92015 Q2 · Prepared remarks: +28.72015 Q3 · Prepared remarks: +14.92015 Q4 · Prepared remarks: +17.92016 Q1 · Prepared remarks: +10.82016 Q2 · Prepared remarks: +16.32016 Q3 · Prepared remarks: +14.92016 Q4 · Prepared remarks: +19.82017 Q1 · Prepared remarks: +16.62017 Q2 · Prepared remarks: +18.32017 Q3 · Prepared remarks: +17.22017 Q4 · Prepared remarks: +23.32018 Q1 · Prepared remarks: +20.92018 Q2 · Prepared remarks: +20.32018 Q3 · Prepared remarks: +25.92018 Q4 · Prepared remarks: +37.52019 Q1 · Prepared remarks: +23.32019 Q2 · Prepared remarks: +26.02019 Q3 · Prepared remarks: +24.72019 Q4 · Prepared remarks: +22.02020 Q1 · Prepared remarks: -15.22020 Q2 · Prepared remarks: -15.62020 Q3 · Prepared remarks: -15.32020 Q4 · Prepared remarks: -15.52021 Q1 · Prepared remarks: -10.12021 Q2 · Prepared remarks: -10.02021 Q3 · Prepared remarks: -15.22021 Q4 · Prepared remarks: -9.72022 Q1 · Prepared remarks: -11.22022 Q2 · Prepared remarks: -19.32022 Q3 · Prepared remarks: -15.82022 Q4 · Prepared remarks: -9.62023 Q1 · Prepared remarks: -16.12023 Q2 · Prepared remarks: -10.42023 Q3 · Prepared remarks: -10.42023 Q4 · Prepared remarks: -8.52024 Q1 · Prepared remarks: -10.32024 Q2 · Prepared remarks: -10.42024 Q3 · Prepared remarks: -10.42024 Q4 · Prepared remarks: -10.52025 Q1 · Prepared remarks: -10.32006 Q4 · Q&A responses: +13.02007 Q2 · Q&A responses: +9.12007 Q3 · Q&A responses: +3.02007 Q4 · Q&A responses: +7.72008 Q1 · Q&A responses: +11.82008 Q2 · Q&A responses: +4.52008 Q3 · Q&A responses: +6.82009 Q1 · Q&A responses: +12.32009 Q2 · Q&A responses: +9.92009 Q3 · Q&A responses: +15.92009 Q4 · Q&A responses: +15.62010 Q1 · Q&A responses: +16.62010 Q2 · Q&A responses: +22.72010 Q3 · Q&A responses: +17.52010 Q4 · Q&A responses: +13.72011 Q1 · Q&A responses: +5.52011 Q2 · Q&A responses: +11.22011 Q3 · Q&A responses: +10.82012 Q1 · Q&A responses: +16.72012 Q2 · Q&A responses: +10.92012 Q3 · Q&A responses: +11.22013 Q1 · Q&A responses: +13.72013 Q2 · Q&A responses: +18.22013 Q3 · Q&A responses: +7.82013 Q4 · Q&A responses: +0.02014 Q1 · Q&A responses: +6.62014 Q2 · Q&A responses: +16.52014 Q3 · Q&A responses: +11.42014 Q4 · Q&A responses: +0.72015 Q1 · Q&A responses: +3.12015 Q2 · Q&A responses: +12.22015 Q3 · Q&A responses: +8.42015 Q4 · Q&A responses: +11.82016 Q1 · Q&A responses: +19.82016 Q2 · Q&A responses: +14.92016 Q3 · Q&A responses: +17.12016 Q4 · Q&A responses: +7.92017 Q1 · Q&A responses: +4.42017 Q2 · Q&A responses: +9.72017 Q3 · Q&A responses: +13.72017 Q4 · Q&A responses: +15.62018 Q1 · Q&A responses: +9.42018 Q2 · Q&A responses: +18.22018 Q3 · Q&A responses: +13.22018 Q4 · Q&A responses: +21.32019 Q1 · Q&A responses: +37.42019 Q2 · Q&A responses: +17.12019 Q3 · Q&A responses: +26.52019 Q4 · Q&A responses: +33.42020 Q1 · Q&A responses: +17.82020 Q2 · Q&A responses: +13.72020 Q3 · Q&A responses: +19.12020 Q4 · Q&A responses: +15.72021 Q1 · Q&A responses: +20.42021 Q2 · Q&A responses: +23.32021 Q3 · Q&A responses: +23.12021 Q4 · Q&A responses: +19.52022 Q1 · Q&A responses: +17.52022 Q2 · Q&A responses: +10.72022 Q3 · Q&A responses: +17.42022 Q4 · Q&A responses: +24.82023 Q1 · Q&A responses: +17.32023 Q2 · Q&A responses: +26.72023 Q3 · Q&A responses: +9.52023 Q4 · Q&A responses: +23.42024 Q1 · Q&A responses: +28.72024 Q2 · Q&A responses: +16.32024 Q3 · Q&A responses: +17.12024 Q4 · Q&A responses: +22.82025 Q1 · Q&A responses: +20.5
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.29$6.61$8.932006 Q42009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: $4.612014 Q2: $4.712014 Q3: $4.862014 Q4: $4.902015 Q1: $4.762015 Q2: $4.712015 Q3: $4.802015 Q4: $4.852016 Q1: $4.772016 Q2: $4.922016 Q3: $5.062016 Q4: $5.192017 Q1: $5.222017 Q2: $5.342017 Q3: $5.462017 Q4: $5.602018 Q1: $5.822018 Q2: $5.892018 Q3: $5.972018 Q4: $5.962019 Q1: $5.632019 Q2: $5.752019 Q3: $5.862019 Q4: $5.962020 Q1: $5.982020 Q2: $5.602020 Q3: $5.792020 Q4: $6.052021 Q1: $6.172021 Q2: $6.332021 Q3: $6.582021 Q4: $6.742022 Q1: $6.822022 Q2: $6.952022 Q3: $7.072022 Q4: $7.292023 Q1: $7.402023 Q2: $7.632023 Q3: $7.952023 Q4: $8.152024 Q1: $8.322024 Q2: $8.502024 Q3: $8.61

Forward P/E

17.0121.5526.092006 Q42009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: 17.642014 Q2: 18.852014 Q3: 19.102014 Q4: 19.132015 Q1: 19.882015 Q2: 19.992015 Q3: 19.392015 Q4: 20.842016 Q1: 21.132016 Q2: 20.892016 Q3: 20.762016 Q4: 20.132017 Q1: 21.272017 Q2: 21.962017 Q3: 20.962017 Q4: 21.042018 Q1: 19.352018 Q2: 17.862018 Q3: 19.062018 Q4: 18.462019 Q1: 20.702019 Q2: 23.122019 Q3: 23.132019 Q4: 22.812020 Q1: 20.212020 Q2: 23.532020 Q3: 23.292020 Q4: 23.952021 Q1: 21.652021 Q2: 23.242021 Q3: 23.732021 Q4: 25.462022 Q1: 23.432022 Q2: 22.722022 Q3: 23.862022 Q4: 25.152023 Q1: 23.882023 Q2: 24.012023 Q3: 22.612023 Q4: 21.112024 Q1: 19.862024 Q2: 19.592024 Q3: 20.35

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -2.2 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↑ +11.6 fwd EPS ↓ -0.05 Tone rose while the forward EPS estimate was cut.
  • 2015 Q3 tone ↓ -7.7 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -4.1 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -4.0 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.2 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↑ +3.0 fwd EPS ↓ -0.33 Tone rose while the forward EPS estimate was cut.
  • 2019 Q2 tone ↓ -10.2 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↓ -2.0 fwd EPS ↑ +0.25 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -3.4 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -4.2 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -3.9 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -12.4 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -6.5 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.6 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+8.7——View →
2024 Q42025-02-04+14.2——View →
2024 Q32024-10-08+6.8$8.6120.4View →
2024 Q22024-07-11+9.4$8.5019.6View →
2024 Q12024-04-23+15.9$8.3219.9View →
2023 Q42024-02-09+15.6$8.1521.1View →
2023 Q32023-10-10+2.0$7.9522.6View →
2023 Q22023-07-13+14.4$7.6324.0View →